Inventory Management Software

Inventory Management Software could be termed ‘mission-critical’ digital tools that can help streamline inventory purchasing, tracking, and storage management by automating warehousing operations. Stock management software provide inventory managers in a variety of industries round-the-clock access to stock data and support for various types of inventory control methods, such as just-in-time (JIT), days sales of inventory (DSI), and economic order quantity (EQC). With real-time insights, such tools can enable companies in the retail, hospitality, warehousing, logistics, and eCommerce sectors to apply the perpetual inventory system model, consistently feeding inventory data through to their accounting departments and consultants. Inventory software can help businesses maintain visibility into a stock-keeping unit’s (SKU’s) location across production facilities, distribution centres, and transit nodes thanks to QR codes, industry-accepted barcodes, and RFID tags that can be scanned throughout the SKU’s lifecycle. This can help managers shift inventory between distribution centres in response to shortfalls and fluctuations in demand. Inventory software often enables managers to anticipate sales, forecast demand, reorder units, and avoid being stuck with ‘dead stock’. Other advantages include a lower risk of double-entry and other types of human errors due to linkage with accounting software and a lower risk of stock-outs due to eCommerce integration. Typical features of inventory tracking software include notifications and alerts, report generation and sharing, inventory optimisation, supplier management, and automated purchase order management. Stock management software is very similar to Inventory Control Software, which is used to keep inventory levels under control. But they also share some of the capabilities of Distribution Software, Supply Chain Management Software, eCommerce Software, and Warehouse Management Software.